The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Gold futures rose on Wednesday morning as the dollar and yields fell after a report showed U.S. inflation eased last month. Gold for August delivery was last seen up $16.40 at $3,359.80 an ounce. The U.S. Bureau of Labor Statistics reported the Consumer Price Index rose 0.1% in May from April, down from a 0.2% pace in the previous month and below the consensus estimate for a 0.2% increase, according to Marketwatch. Core CPI, which excludes volatile food and energy costs, rose 0.1% on a month-over-month basis, down from 0.2% in April, while the consensus estimate was for a 0.3%...
The US Dollar Index fell to 98.7, near a three-year low of 98.0 last seen in April, after weaker-than-expected inflation data dampened market sentiment. US consumer prices rose 2.4% year-on-year in May, up from 2.3% in April but slightly below market consensus of 2.5%. Energy prices have fallen 3.5% over the past year, while food prices rose 2.9%. Core inflation—which excludes food and energy—held steady at 2.8%, slightly below forecasts of 2.9%. Despite the weaker data, inflation remains above the Federal Reserve's 2.0% target, reinforcing expectations that policymakers are unlikely to...
The USD/JPY pair trades in a calm manner around 145.00 during European trading hours on Wednesday (6/11). The pair is oscillating in a tight range, as investors await the US Consumer Price Index (CPI) data for May, which will be published at 12:30 GMT. Ahead of the US inflation data, the US Dollar Index (DXY) is fluctuating around 99.00. Investors will be watching the US inflation data as it will influence market expectations on the Federal Reserve's (Fed) monetary policy outlook. As measured by the CPI, headline inflation is expected to grow at a faster pace of 2.5% annually, compared to...
Gold prices rose on Wednesday as investors remained cautious as uncertainty over a US-China trade truce lingered ahead of key inflation data that could provide clues on the Federal Reserve's next policy move. Spot gold was up 0.7% at $3,344.93 an ounce, by 0808 GMT. US gold futures were up 0.7% at $3,366.40. US and Chinese officials said on Tuesday they had agreed on a framework to get their trade truce back on track and remove restrictions on China's rare earth exports. However, the talks have provided little sign of a lasting resolution to long-running trade differences. In April, the...
USD/CHF offered the latest gains recorded in the previous session, trading around 0.8220 during European hours on Wednesday (6/11). However, the pair may regain some ground as the Swiss Franc (CHF) may weaken on weaker haven demand, driven by improved risk sentiment amid easing tariff tensions between the United States (US) and China. US Commerce Secretary Howard Lutnick suggested, on Tuesday, a potential resolution with China, noting that the two countries have reached a framework to implement the Geneva Consensus. Meanwhile, Chinese Vice Commerce Minister Li Chenggang said that the...